Waafi, a mobile money app created by Salaam Bank in collaboration with Hormuud, Telesom, and Golis, offers communications, entertainment, and payment services. It has now evolved into a full-fledged digital bank, utilising Paymentology’s issuing processing platform for its card offerings to promote a digital lifestyle and a cashless society.
This collaboration marks a significant milestone in the Horn of Africa’s financial landscape, introducing digital and contactless payments through Waafi by Salaam Bank's digital first initiative. The co-brand partnership with the Waafi mobile app offers users the opportunity to digitally open an account, create a digital Mastercard card, link the card to a wallet or account, tokenize the card on a digital device, and make contactless payments at ease.
As Somalia continues to move towards a cashless society, with more than two-thirds of all payments in Somalia made via mobile money platforms, Salaam Bank’s Waafi is set to revolutionise the way payments are made, providing a seamless, secure, and efficient payment solution.
The digital first launch signifies a pivotal step towards embracing modern financial technology in the region. By leveraging Paymentology's next-generation payments technology, this partnership ensures that users can experience the convenience and security of digital banking and contactless payments. They can do more with their mobile money and get access to in-store payment, travel and international payment capabilities.
Official from Paymentology said mobile and digital wallets play a crucial role in the financial ecosystem in Somalia. Powering Waafi’s digital money app exemplifies their commitment to advancing financial technology in fast developing markets. They are happy to bring the first digital card to the Horn of Africa, paving the way for a future where digital and contactless payments are the norm.
Paymentology is a next-gen global issuer-processor. It gives banks, fintechs, and telcos the technology, team, and experience to easily issue and process any type of physical or virtual card; prepaid, debit, credit, multi-currency, BNPL, revolving and more.
The company’s multi-cloud platform offering both shared and dedicated processing instances, vast global presence, and richer real-time data, set it apart in payments landscape. Its payments experts bring deep, local market knowledge on the ground in 60 countries, across 14 time zones, guaranteeing 24/7 support. Paymentology is deeply committed to increasing financial inclusion worldwide, and to making a positive impact in the communities in which it operates.
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